Friday, May 08, 2009
Back to the upside as the Dow gained 165 points on good volume. Advance/declines were 5 to 1 positive. The employment report really didn't matter. Unemployment continues to rise but so does the market. How long will it go on? Perhaps into the expiration. I'm still going to probably try the OEX puts at some point next week. But we'll have to wait and see on that. Gold moved both up and down but was little changed at the close. The XAU continues to outperform the metal as it rose 4 1/2 points. ABX and GG were up over 1 1/4, while NEM gained a buck. Volume was average. The dollar lost ground today but is oversold. Sure I would have liked to have held on to the GG calls but they're gone now. I still like the gold shares for the June cycle if we get a pullback. Mentally I'm doing OK. Not as tired. Of course I'm disappointed that I didn't make as much on the GG trade. It was declared dead at one point though and it was profitable. But I certainly could have done better. The question now is just how high will the stock market go here? Nobody knows. I'm going to check things out over the weekend and take it from there. We've already come a long way in a short time so my longer term view is that this is a bear market rally. But I could be wrong. It's Friday, the weekend is here and time for a break.
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